20 October 2022

Reference is made to the announcement of 20 October 2022 by NorAm Drilling AS (NorAm Drilling”), regarding the Board’s resolution to issue new shares in a private placement to certain members of management.

NorAm Drilling has received the following notifications from persons discharging managerial responsibilities:
• Marty Jimmerson (CEO and CFO) subscribed for a total of 52,450 shares;
• Thomas Taylor (COO), subscribed for a total of 13,113 shares; and
• Steven Scott (Business Development Director), subscribed for a total of 13,113 shares.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

About NorAm
NorAm Drilling owns and operates a portfolio of eleven advanced drilling rigs upgraded to maximize drilling efficiency in the Permian Basin in Texas, which is the largest oil producing region in North America. NorAm Drilling has industry leading operating margins and will be virtually debt free. The company will have a full pay-out dividend strategy, targeting frequent cash distributions in a raising market.

For more information visit www.noramdrilling.com.